Insurance is all around us. The world would be a totally different place if we didn’t have insurance to hedge against the risk of contingent losses.
Insurance is the equitable transfer of risk of loss from one person (you) to another (the insurance company). You pay the insurance company a fee because the insurance company is ultimately taking the risk. This fee is commonly known as the insurance premium. You can pay your insurance premium as an annual lump sum or on a monthly basis.
More information regarding saving on your insurance premiums can be found here on the how to save on insurance.
"Insurance can be purchased for most things. The most common types of insurance are as follows:"
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The most common types of insurance are as follows:"